The following nine steps that constitute the accounting cycle are in column 3 in scrambled order. In the right most column is a brief statement of the objective of each step, also in scrambled order. Matching (step with Sequence (ordering) objective) Step Record. Prepare adjusted trial balance. Identify transactions. Prepare financial statements. Record and post closing entries. Post. Objective a. Verification after closing entries. b. Communication to outside (and potential) stakeholders. C. Verification before adjusting entries. d. Transfer from journal to ledger. e. Recording of resource changes not Identify, record, and post adjust- accompanied by new source documents. ing entries. Prepare unadjusted trial balance. f. An activity based on source documents. An original input into the accounting system. Prepare post-closing trial g. h. balance. Obtaining a zero balance in the revenue, expense, and dividend accounts. i. Verification after adjusting entries. Required a. In the first column, indicate the sequential order, I through 9, for each of the accounting steps in column 3. b. In the second column, indicate the corresponding letter, a through i, of the description that best matches each accounting step in column 3.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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3,
The following nine steps that constitute the accounting cycle are in column 3 in scrambled order. In the right most
column is a brief statement of the objective of each step, also in scrambled order.
Matching
(step with
Sequence
(ordering) objective)
a.
b.
Step
Record.
Prepare adjusted trial balance.
Identify transactions.
Prepare financial statements.
Record and post closing entries.
Post.
Identify, record, and post adjust-
ing entries.
Prepare unadjusted trial balance.
Prepare post-closing trial
balance.
Objective
a. Verification after closing entries.
b. Communication to outside (and potential)
stakeholders.
C. Verification before adjusting entries.
Transfer from journal to ledger.
d.
e.
Recording of resource changes not
accompanied by new source documents.
f. An activity based on source documents.
An original input into the accounting system.
Obtaining a zero balance in the revenue,
expense, and dividend accounts.
g.
h.
i. Verification after adjusting entries.
Required
In the first column, indicate the sequential order, 1 through 9, for each of the accounting steps in column 3.
In the second column, indicate the corresponding letter, a through i, of the description that best matches each
accounting step in column 3.
Transcribed Image Text:3, The following nine steps that constitute the accounting cycle are in column 3 in scrambled order. In the right most column is a brief statement of the objective of each step, also in scrambled order. Matching (step with Sequence (ordering) objective) a. b. Step Record. Prepare adjusted trial balance. Identify transactions. Prepare financial statements. Record and post closing entries. Post. Identify, record, and post adjust- ing entries. Prepare unadjusted trial balance. Prepare post-closing trial balance. Objective a. Verification after closing entries. b. Communication to outside (and potential) stakeholders. C. Verification before adjusting entries. Transfer from journal to ledger. d. e. Recording of resource changes not accompanied by new source documents. f. An activity based on source documents. An original input into the accounting system. Obtaining a zero balance in the revenue, expense, and dividend accounts. g. h. i. Verification after adjusting entries. Required In the first column, indicate the sequential order, 1 through 9, for each of the accounting steps in column 3. In the second column, indicate the corresponding letter, a through i, of the description that best matches each accounting step in column 3.
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